System update on Sunday, June 11 from 2 am – 2 pm CDT will affect access to online banking and limit ATM/POS transactions. Learn more.

Canadian Emergency Business Account

The Canada Emergency Business Account (CEBA), which was announced by the Government of Canada earlier this year will provide up to $40,000 to small businesses and not-for-profits as an interest-free Term Loan. The intention of this loan is to help cover their operating costs during a period where revenue could be reduced.

The deadline has passed to apply for CEBA. If you have any questions or are looking to repay your CEBA loan, please contact your account manager.

On Oct 26th, 2020 CEBA 4.0 became effective allowing people operating a business from a personal account, to apply for a CEBA Loan. Previously the rules stipulated that a business account was required prior to March 1, 2020. 

As of December 9, 2020 CEBA 5.0 became available and CEBA applicants can now receive a $60,000 loan, or if you are a CEBA applicant who have received the $40,000 CEBA loan, you may apply for the CEBA expansion, which provides eligible businesses with an additional $20,000 of financing.

How will the CEBA work?

The Canada Emergency Business Account will be funded as an interest-free Term Loan for up to $60,000.

  • No interest will apply until January 1, 2024.
  • Up to $20,000 of the Term Loan will be forgiven if the balance is fully paid on or before December 31, 2023.
  • Loan forgiveness for the CEBA program is granted by the Government of Canada, and will follow the terms as outlined in their formal CEBA program. Terms may be available for review on the CEBA website at: In accordance, if you have repaid at least $40,000 of the Loan Amount on or prior to the Initial Term Date, the Lender will forgive the remaining balance of the Loan Amount as of the Initial Term Date provided that an Event of Default has not occurred.  

Business owners must apply for the Canada Emergency Business Account through their primary financial institution. Access Credit Union has an easy-to-use and quick 5 minute application that's available now.

What are the eligibility criteria?

The Government of Canada's eligibility criteria are:

  • Has an active CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020.
  • Filed an income tax return with the CRA with a tax year ending in 2019 or, if its tax return for 2019 has not yet been submitted, 2018.
  • Has an active business chequing/operating account with the Lender at the time of applying for CEBA. Note: If Borrower currently does not have a business chequing/operating account the Borrower must create one at their primary financial institution before applying for CEBA.  
  • Has not previously used the Canada Emergency Business Account Program (the “Program”) and will not apply for support under the Program at any other financial institution.
  • Intends to continue to operate its business or to resume operations.

Find out if you qualify:

CEBA has a pre-qualification web site for anyone wondering if their expenses are eligible.  Go to 

*NEW* All applicants can now check the status of their CEBA Loan online at Please wait 5 to 7 business days after finalizing your application before checking your status. The loan status website will be able to address the following types of questions:

  • What is the status of my application?
  • Why was my application declined? How can I fix those errors (if applicable)?


Visit the CEBA website here:

This website uses cookies to improve your user experience. By continuing to browse the site you are agreeing to our use of cookies.